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Commercial loan fraud is an urgent market issue for lenders working with SMBs, our analysis and recommendations for mitigating the problem.
Heading into the holiday season, we'll see if consumers continue to spend at high levels, or if higher prices, higher interest rates and lower savings create a drag on sales.
The Pandemic drove a tidal wave of small business creation, with over 5.4 million new small businesses in 2021 alone, and millions more this year. Now, the U.S. economy is continuing to change, but becoming more uncertain amid rising interest rates and worries over inflation. With the cost of money rising for small businesses, many are turning to different credit offerings to keep the cash flowing. Application fraud on the rise Some borrowers don’t always have good intentions, and credit issuers struggle to control fraud rates. If you manage risk for a financial institution, trade credit issuer or just want to understand the persistent wave of fraudulent small business applications you should attend our upcoming webinar. Attend our webinar A Perfect Storm for Business Credit RiskDate: Tuesday, November 29th, 2022Time: 10 a.m. Pacific | 1p.m. Eastern. In this talk, Experian's Fraud Products lead, Li Mao, is joined by Sr. Analytical Consultant Emily Garrett and Brian Stack, Experian's V.P. of Engineering Services, to discuss the fraud problem and what to do about it. Li Mao, Sr. Product Manager, Experian Fraud Solutions Emily Garrett, Sr. Analytical Consultant Manager, Experian Brian Stack, V.P. Engineering Services, Experian We'll cover: New business formation, how to assess younger businessesEconomic pressures on B2B's that you are not yet reading aboutStatistics on the gathering fraud storm3 tips for smooth sailing in your credit operations Register to attend
Experian is excited to attend National Equipment Financing Association's 2022 Funding Symposium at the OMNI Nashville, Wednesday, November 2nd through Thursday, November 4th. Dennis Jordahl will be on hand in booth #41 to chat and answer questions about the solutions Experian has to help you grow your business profitably! See you in Nashville! Dennis Jordahl, Account Executive
If you want to get the most out of your marketing campaigns, it's important that they are tailored for a specific audience. We invited Tony Romero on Business Chat to talk about part two of his three-part Sip and Solve webinar series focused on B2B marketing where he explains how segmentation and targeting can make all aspects (landing page or email) more effective by using industry SIC as well as NAICS codes. Look-a-like analysis CMO's challenged with restricted budgets Analyzing portfolio diversity and targeting minority-led, women-led businesses Profiling prospects with limited data attributes Watch Our Interview What follows is a lightly edited transcription of our talk. [Gary Stockton]: So in our last chat, we talked about maintaining robust marketing data to power effective campaigns and how clean data really helps businesses conduct effective marketing campaigns. This week, we switch gears to discuss the power of segmentation and targeting using industry SIC and NAICS codes to optimize your marketing budgets. So let's dive in. In our previous chat, we spoke about the changes that tech companies have enacted to make the job of targeting business prospects harder, but it's not game over for marketers. [Tony Romero]: No, definitely not. You know, it's really important to know that there's still a lot of a wealth of data out there that can be used to identify and segment target customers. You know, the first-party data obviously is really key, as well as being able to take information that may be spotty. If, for example, you only have a name or address, you can be able to through services like ours, be able to get a full, comprehensive set of data on that customer, both firmographic, demographic, and credit information, and then be able to use that to promote to customers. [Gary Stockton]: So can you share some examples of how Experian data can help marketers hone in on their target customer, for example, how SICs and NAICS codes can help? [Tony Romero]: Yeah, Gary, you're right. SIC and NAICS codes provide information about what industry the business is in. And so, by knowing that, you're able to target those consumers. So again, as I mentioned before, you can take a look at your existing customer base and find out who's your ideal target customer. And from that, then you can compare that to prospective businesses that look just like that. And that's what's called a lookalike analysis. And by using SIC and NAICS codes, you're able to use that to segment the market and then be able to promote effectively. And Gary, you also mentioned that with the economic state, CMOs have to watch their budgets and be as efficient as possible these days. So again, by doing very good segmenting of your target audience, you are making sure that your finance and financial output to a campaign are as efficient as possible. [Gary Stockton]: Excellent, regulators, they're focusing on diversity, equity, and inclusion. How can Experian help clients in that effort? [Tony Romero]: You know? Yeah. That's a very key point and definitely more than ever. It's important to focus on identifying your existing portfolio and seeing how many customers in your portfolio are minority-led or women-led businesses. So you can do benchmarking, you can see how you fare against other businesses in your market space. And that helps you to determine how much more do you need to market to these minority or women-led businesses. So what's number one is the benchmarking, but secondly, you need to be able to go out and look at your prospective target list and find out who are minority-led or women-led. And there, getting an indicator about a Woman-led or Minority-led business allows you to promote specifically to those types of businesses to help increase your portfolio. [Gary Stockton]: That's good. So if all I have is a name and an email address, and in a lot of cases, you know, if we're driving a newsletter, can I still profile this contact? Or are there other ways to do that with minimal info? [Tony Romero]: Yes, there is. You know, even just having a name and address is enough data to go through our type of service and be able to append all of the other information that we talked about, whether it's firmographic with SIC or NAICS codes, it could be demographic information where we look at the business and find out who the consumers that are tied to that business are? So that's called a B2C linkage. And from that now, you know who the actual individual is and go target those specific individuals. So that's also another key point to bring out [Gary Stockton]: Excellent stuff, Tony. Well, folks, if you enjoyed this chat and want to go a level deeper, don't miss Tony's campaign targeting Sip and Solve webinar - Fine Tuning B2b Campaign Targeting. He goes into greater detail on targeting B2B prospects, just click the image to be taken over to the recording.
We're talking B2B marketing data hygiene with Tony Romero from our product team today on Business Chat.
Stagflation can impact your commercial portfolio performance. We explore options credit departments can take to identify high-risk accounts.
Experian can be your trusted provider to supercharge B2B marketing campaigns with powerful data, analytics and consulting services.
